INDIAN BENCHMARKS flat end to a volatile day.
INDIAN EQUITY BENCHMARKS surrendered early gains to end in the red for the fourth straight session due to both domestic poll-related concerns and global geo-political worries.
Further, IOB soared 17% after reporting an over four-fold jump in net profit at Rs 268 crore for the fourth quarter ended March 31, 2014 due to lower provisioning, higher income and cash recovery. Oriental Bank of Commerce reported net profit at Rs 310.3 crore in the quarter ended March 2014, up 0.8 percent compared to same quarter last year supported by higher other income and net interest income. Asset quality was stable but provisions increased during the quarter.
The crucial resistance for Nifty is now seen at 6780 and above this 6800. Support for the immediate term is now placed at 6650 and next support will be 6600.
NEWS TO WATCH:
· Watch out for the quarterly earnings of RCOM and Grasim on 2ND April 2014.
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